Snapdeal defers $152 mn IPO indefinitely citing poor market conditions

Development follows shelving of IPO plans by several notable firms such as Image Marketing (owner of wearable brand Boat), Droom Technology and PharmEasy

SoftBank-backed e-commerce company Snapdeal has deferred its IPO plans through which it was aiming to issue equity shares worth $152 million, becoming the most recent entrant in a long line of companies shelving their listing plans this year.

The firm, which cited poor market conditions as the reason for the deferral, is yet to decide on a new timeline for the IPO.

“Considering the prevailing market conditions, the company has decided to withdraw the DRHP (draft red herring prospectus). The company may reconsider an IPO in the future depending on its need for growth capital and market conditions," said a